HOW TO LOOK UP FOR NEW BUSINESS OPPORTUNITIES?
By this time of the tech era, you all must have heard about products like Segway, Amazon Fire Phone or Google Glass. They all were developed and launched by different companies. But what unites them is that customers all over the world never got around to understanding the value of these products. Behind the scenes, heavy advertising by market giants like Google and Amazon managed to create plenty of hype, but the heavyweights failed to determine customers’ preferences in the first place. As it turned out, people didn’t need a two-wheeled personal transporter, a fairly limited smartphone or pricy, feature-packed glasses from the future. But all they need are existing and new business opportunities that can help them keep up with their goals in this fast-paced world.
WHAT IS MARKET RESEARCH AND HOW IT DRIVES NEW BUSINESS OPPORTUNITIES?
Market research is the process of collecting data about a market, service or product. It’s used to analyze the current situation and pave the way for a product launch or increased sales. The market research definition suggests that the study will shed light on the consumer’s habits and needs, the economic shape of the industry and the competitors’ state of affairs. Its main purpose is to discover a market opportunity for a certain business, and it seems that nowadays hardly any concept or rebranding idea can succeed without prior market research.
Along with that, the most important fact is about the market research is pretty essential not only for new products, but also for existing services and concepts to drive new business opportunities. If the business wants to scale up sales or introduce a new feature, it requires knowledge on where the clients stand with respect to the current product version and whether they’re ready for changes. Market research is integral to both launching a new service or supporting and improving the ongoing one. But before plunging into it, it’s important to define clear market research goals. They might be as follows:
- Identify the target audience
- Recognize the peculiarities of local customers’ buying habits
- Explore competitors’ marketing research opportunities and strategies
- Shape the product or service’s identity
- Understand what clients like most/least about the existing product
- Define the true unique selling proposition
And if you begin to explore more by digging dig deeper into all of the abovementioned sample aims, you’ll see that it’s all about potential or existing clients, and for good reason. To discover new business opportunities, one must determine rock-solid strategies and plans at all cost.
WHY YOU NEED TO UNDERSTAND YOUR CURRENT CUSTOMERS?
For a new business opportunities, it doesn’t matter whether the business concept is new or already popular among customers. In both cases, looking for market opportunities is an essential part of growth and development. The only difference is that with existing clients it’s much easier to obtain valuable insights about the target product. They have used it and gained certain experience with it. And by using all of the modern online tools and software, you can easily extract the necessary information to:
REVIEW YOUR STATISTICS
If you have a database of clients and use even a basic set of promotional tools, you already have statistical data you can analyze and interpret. This kind of information is available from:
CONDUCT A/B TESTING
After evaluating the statistics, market research methods allow to see the bigger picture and identify weak spots. If you want to eliminate them and strengthen your marketing, A/B testing can show you the right way to do it.
RECORD THE GAPS AND NEW BUSINESS OPPORTUNITIES
It is crucial to make note of all your discoveries, ideas and found opportunities. Once all of them are written down, you can brainstorm, mind map and discuss potential solutions and strategies with your team.
COLLECT MARKET INFORMATION (KNOW YOUR NICHE MARKET)
Nowadays, the research can be divided into online studies and “in the wild” exploration. The majority of businesses opt for the web tools because they are cost-efficient and not resource-intensive, but still produce exhaustive findings. However, everything should be done step by step. So, before rushing to investigate the best research tools, you need to establish your market first.
UNDERSTAND YOUR COMPETITORS
Scrutinizing your competitors can show you which strategies work and which ones fail. If you don’t have your own client base, you can explore one of your business rivals and gain worthwhile insights. What’s more, the information you receive will enable you to shape your product’s identity so that it will show up and be differentiated from its equivalents.
While collecting market information, it’s important to record any market opportunities you stumble upon or arrive at so as not to lose the thread.
See how our shopify developers can help you out.
DEFINE YOUR TARGET AUDIENCE
34% of high-growth companies examine their target audience on a quarterly or more frequent basis. This gives them the opportunity to multiply their profits and expand their spheres of influence.
CONDUCT SEO RESEARCH AND IDENTIFY TRENDS
SEO research presupposes that you identify the most frequent keywords and phrases that your potential or target audience use to search for information. This way, it’s possible to determine which problems people have with a certain product or what it lacks. Most likely you will be also able to see how the users form questions and what language they use. And for more knowledge and relevant blogs, you can visit Shopifyninja.